Like cooler weather, the beautiful foliage and the kickoff of football season, young New Yorkers heading off to college is a sure sign that fall has arrived. Joe Robach and his office know that this is an important time for college kids and that they must be prepared for school. Many arrive on campus with the basics: clothes, school supplies, a computer and in some cases, a credit card. Even those who arrive on campus without a credit card can easily obtain one with very little effort.
Lacking some sort of credit education, these young users unwittingly put their credit future in serious jeopardy. Many first-time credit card holders – some with little or no education in personal finances – use credit to buy whatever they want, whenever they want it. What many fail to realize is that this so-called “free money” is actually a high-finance loan with a low introductory rate that balloons after a few months. And if they pay less than the minimum monthly balance, the finance charges pile up making it difficult to catch up.
Joe Robach knows that a small piece of plastic can have a big impact on your lives – that’s why he keeps some handy tips in his office. Joe Robach’s office has these tips:
- Before you fill out a single application, ask yourself three questions: Do I need a credit card? Can I afford a credit card? Will I be able to pay off the balance each month? If you answer “yes” to all these questions, then you are ready.
- Settle on one card and pay the balance in full very month. Request a low limit – $500 to $1000 – that is sufficient enough for emergencies, yet reduces your temptation to buy big ticket items.
- Shop around for the best rate.
- Read the fine print and look for a card with no or low annual fees.
For more information, please feel free to contact the office of Senator Joe Robach.